Read full post at forexlive.com
Its
was a subdued sort of session for major FX rates, characterised by a
minor offer for the USD. AUD & NZD both added a few points, as
did EUR and GBP.
After
the USD/JPY surge in H1 of this week, topping above 153.00 on
Wednesday near a 3-month high, the pair drifted a little lower on the
session here.
We
had ineffectual intervention-type remarks from Japan’s Deputy Chief
Cabinet Secretary Kazuhiko Aoki. These were followed up a little
later by Finance
Minister Katsunobu Kato. Kato’s
efforts were a little more blunt, using language including
“one-sided, rapid” moves. This
language is an escalation of the usual rhetoric and is taken to mean
a bit more seriousness from authorities.
USD/JPY
barely responded, dribbling off a few tics before (eventually)
dropping a little more noticeably. Lows have been just under 152.40,
so far. Not much of a drop really.
News
and data flow otherwise was very slow. We had preliminary October
PMIs from Australia and Japan:
This article was written by Eamonn Sheridan at www.forexlive.com.
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